AlphaCode has announced the four South African fintech startups that will be part of the second phase of the AlphaCode Incubate programme.
The startups were selected from the 10 startups, which have just completed a three-month programme and will now be taking part in the extended 6-month programme valued at almost R1,5 million each. Their success, which was validated by their ability to get traction in a short time, unlocks further funding of R500 000 each and tailored business support.
“Despite a tumultuous year, a number of entrepreneurs saw how they could fill a gap in the market for financial services and related industries. Those selected in the top four earned the opportunity for further funding and mentorship. The first part of the intensive programme focused on entrepreneurship and refining business models. The second phase will focus on revenue generation.” Andile Maseko, head of ecosystem development at AlphaCode, said.
In addition, the selected startups will be able to apply for seed capital from AlphaCode’s fund that invests in early-stage startups.
The startups are AgriCool, an e-marketplace that links smallholding farmers and buyers to a fair and reliable market, Bento, an out-of-the-box employee perks and benefits platform. It gives employers a simple and cost-effective solution to offer employee benefits without the cost and administrative burden. Others are Imfuyo Technologies that is developing a smart farming solution that will give livestock farmers better oversight of their operations at viable cost points and MatchKit.co helps athletes better commercialise their careers. The platform helps athletes make money, regardless of the status of sporting events.
“We have been very impressed with the level of drive of these ten startups who applied what they have learned on the AlphaCode Incubate programme as they focused on increased traction. The standard of these ideas gets better every year. It’s been a very intense time for the participants and we look forward to growing the four businesses.” Dominique Collett, head of AlphaCode and a Rand Merchant Investments Holdings (RMI) executive said.
Almost 200 fintech businesses initially applied for the AlphaCode Incubate programme which aims to grow innovative financial services entrepreneurs and find the next OUTsurance or Discovery. Only ten were then selected to complete in the initial three month programme that provided funding, guidance from performance coaches and a panel of advisory experts, access to AlphaCode’s co-working space, and opportunities to apply for further early-stage investment.